RBI governor is appointed by Government of India. Rao was appointed to the post vacated by N S Vishwanathan, who stepped down three months ahead of his extended tenure on health grounds. Section 8 (4) of the RBI Act explains the term of the Governor and Deputy Governors. The Centre late Wednesday appointed M Rajeshwar Rao as the new deputy governor of the Reserve Bank of India. Former economic affairs secretary Shaktikanta Das was named the 25th governor of the Reserve Bank of India to succeed Urjit Patel, who quit abruptly on Monday amid a bitter dispute over the regulator’s autonomy.The appointment means that the central bank will once again be headed by a former Indian … Only 7 were Economists. Members of the board are appointed by the Government of India in accordance with Section 8 of the Reserve Bank of India Act. The official directors comprised of the Governor and not more than four Deputy Governors who are appointed/nominated by the Central Government under the RBI Act. Das’ approach as RBI governor. The government on Wednesday appointed RBI's senior-most executive director M Rajeshwar Rao as the deputy governor of the central bank. Profile of RBI Governors from 1934 (25 Governors and Shakthikanta Das being the latest) shows that 14 out of 25 Governors were Civil Servants (IAS or ICS/IAAS officers). The Governor and not more than four Deputy Governors of the RBI are appointed by the Central Government under the RBI Act. Government can nominate two government officials into the CBD. In his new position, Rao succeed NS Vishwanathan as the fourth deputy governor. (Urjit Patel and Raghuram Rajan were appointed for three years; though a governor can get five-year tenure). He is currently appointed as the executive director of RBI. Reuters. The RBI Governor is appointed after the proposal made by the Financial Sector Regulatory Appointments Search Committee (FSRASC), headed by the Cabinet Secretary. The Government of India has appointed the Reserve Bank of India's senior most executive director M Rajeshwar Rao as the deputy governor. The six-member Monetary Policy Committee (MPC) headed by RBI Governor is scheduled to meet for two days starting December 2. Updated: 14 Jan 2020, 11:01 AM IST Ishita Guha. LK Jha, another  civil servant studied Economics at Cambridge University and was the Chairman of the Direct Taxation Enquiry Committee. Persons with different educational backgrounds were selected as Governor. Salaries and allowances of the Governor and Deputy Governors may be determined by the Central Board, with the approval of the Central Government. Who appoints RBI Governor? The government on Wednesday appointed RBI’s senior-most executive director M Rajeshwar Rao as the deputy governor of the central bank. The Governor and Deputy Governors hold office for periods not exceeding five years. NEW DELHI: Great Eastern Shipping Company Ltd on Thursday said its board has appointed former RBI Governor Urjit Patel as an additional and independent director for a term of five years. Shri Shaktikanta Das, IAS Retd., former Secretary, Department of Revenue and Department of Economic Affairs, Ministry of Finance, Government of India assumed charge as the 25th Governor of the Reserve Bank … They can change it whenever they want. … The Governor and Deputy Governors hold office for periods not exceeding five years. Section 8 (1) (a) of the Reserve Bank of India Act 1934 has clarified the appointment of the RBI governor. RBI enhanced its dovish stance by providing an extended timeframe to its accommodative stance. Currently serving as the 25th governor of the Reserve Bank of India, he was earlier a member of the Fifteenth Finance Commission and India's Sherpa to the G20. CD Deshmukh became the Finance Minister and he was a member of the Indian delegate at the 1944 Bretton Woods Conference. One may wonder if the IPL virus has caught the bureaucrat-turned-central bank governor. What is Intellectual Property Rights (IPRs). Rao was appointed to the post vacated by N S Vishwanathan, who stepped down three months ahead of his extended tenure on health grounds. First is the official directors and second, non-official directors. But they had either Economics/Financial management experience with the government (Economic Affairs Secretary/Financial Secretary etc.,) or were Economists. He is currently an executive director at the banking regulator. Stagflation for Indian economy – true or false? Shaktikanta Das, a member of the Fifteenth Finance Commission, was appointed the new governor of the Reserve Bank of India (RBI) on Tuesday, news agency Reuters reported. Pradhan Mantri Garib Kalayan Yojana – Components. Great Eastern Shipping Company Ltd on Thursday said its board has appointed former RBI Governor Urjit Patel as an additional and independent director for a term of five years. The government on Wednesday appointed RBI's senior-most executive director M Rajeshwar Rao as the deputy governor of the central bank. NEW DELHI: The government on Wednesday appointed RBI 's senior-most executive director M Rajeshwar Rao as the deputy governor of the central bank. Before serving as the governor of the central bank, Patel was the deputy governor in charge of monetary policy. The governor can be removed by the government. During his career as an IAS officer, Das served in various capacities for Indian and Tamil Nadu governments, including as Economic Affairs Secretary, Revenue Se… Shri Mahesh Kumar Jain took charge as the Deputy Governor of Reserve Bank of India today. Economic Survey’s Philosophical Chapters –key points in brief, Quarterly growth warns deep slowdown knocking on the door, Two solid proofs that budget 2020 is going to be expansionary. But those two had non-economics backgrounds were associated with economic or financial management in the civil services. The board shall have maximum of four deputy governors. The CBD as the administrative apex body of the RBI, contains two sets of directors. Patel served as the 24th governor of the Reserve Bank of India from September 2016 to December 2018. © Copyright 2018, All Rights Reserved. The government on Wednesday appointed the Reserve Bank of India's (RBI) senior-most executive director M Rajeshwar Rao as the deputy governor of the central bank. www.indianeconomy.net, Crude returns to $50 mark supported by short term supply disruptions. Mumbai: The government said on Wednesday that it has appointed Reserve Bank of India ’s ( RBI ).executive director Rajeshwar Rao … Then access app in browser incognito mode. It took nearly six months for the government to appoint a Deputy Governor to fill the vacant post after NS Vishwanathan demitted office. Rao was appointed to the post vacated by N S Vishwanathan, who stepped down three months ahead of his extended tenure on health grounds. The term of the governor may be fixed by the government at … Governor (and also Deputy Governors) is eligible for reappointment or extension. RBI Governors is thus appointed by the Government. The RBI Act doesn’t mention any specific qualification for the governor. Urjit Patel's resignation came ahead of the December 14 meeting of the RBI He is the first governor since 1990 to step down before his term ends Patel's three-year term was to end in September 2019 The Appointment Committee of the Union cabinet cleared the appointment, stated the notification. The position had been lying vacant for more than six months after N.S. It specifies that one governor and not more than 4 deputy governors shall be appointed by the central government on the board of RBI. What is Long Term Repo Operations (LTROs)? The present Governor- Shakthikanta Das is a Post Graduate in History. Rao was appointed to the post vacated by N S Vishwanathan, who stepped down three months ahead of his extended tenure on health grounds. The government had faced criticism when non-economist Das was appointed as the RBI governor in December 2018 after the sudden resignation of economist Urjit Patel, his predecessor. In absence of the Governor, a Deputy Governor nominated by him functions as the Chairman of the Central Board. Reserve Bank of India (Mint ) Govt appoints Michael Patra as RBI Deputy Governor 1 min read. Vishwanathan retired on March 31. Their names are cleared by Cabinet Committee on appointments. The maximum strength of the board can be 21 including the governor of RBI and deputy governors. The government on Wednesday appointed RBI's senior-most executive director M Rajeshwar Rao as the deputy governor of the central bank. The Governor: appointment and term in office. Normally, Bureaucrats were appointed as the RBI governor but recently it has changed, wherein, they have started appointing RBI Deputy Governor as the Governor. RBI Governor and Deputy Governors are appointed by the Central Government. Prior to taking over as the executive director in November 2016, Rao was the chief general manager, financial markets operations department. It acts as an advisory body and is not same as that of Monetary Policy … What is faceless assessment in tax administration? The government on Wednesday appointed RBI's senior-most executive director M Rajeshwar Rao as the deputy governor of the central bank. “The Governor and a Deputy Governor shall hold office for such term not exceeding five years as the [Central Government] may fix when appointing them, and shall be eligible for re-appointment.” (Section 8. Rao was appointed to the post vacated by NS Vishwanathan, who stepped down three months ahead of his extended tenure on health grounds. M Rajeshwar Rao, Deputy Governor, RBI The post of the deputy governor was vacant since the exit of N S Vishwanathan in late March 2020. – Composition of the Central Board, and term of office of Directors., P 17, RBI Act, 1934). The RBI Governor is appointed after the proposal made by the Financial Sector Regulatory Appointments Search Committee (FSRASC), headed by the Cabinet Secretary. Shaktikanta Das is a retired 1980 batch Indian Administrative Service officer of Tamil Nadu cadre. After the resignation of Urjit Patel, the government made quick appointment of Shakthikanta Das in accordance with the demand of the … Besides the official directors, there can be fourteen non-official directors as well in the CBD. Rao is associated with the banking regulator since1984, holding several … Basically, there is no set pattern. What is Emergency Credit Line Guarantee Scheme (ECLGS)? The government on Wednesday appointed M. Rajeshwar Rao as the Deputy Governor of the Reserve Bank of India (RBI), it said in a notification. Regarding educational qualification of previous Governors, CD Deshmukh graduated in Botany, Venkitaramanan was a graduate in Physics. Home >News >India >Govt appoints M Rajeshwar Rao as the RBI Deputy Governor FILE PHOTO: A worker walks past the logo of Reserve Bank of India (RBI) inside its office in New Delhi, India July 8, 2019. Rao was appointed to the post vacated by N S Vishwanathan, who stepped down three months ahead of his extended tenure on health grounds. Traditionally, the Governor is appointed from either Civil Services Personnel or Economists. The Government of India, on June 4, 2018 has appointed him as the Deputy Governor of Reserve Bank of India for a period of three years from the date of assumption of charge or until further orders, whichever is earlier. The term of the governor may be fixed by the government at the time of his appointment. Great Eastern Shipping appoints former RBI Governor Urjit Patel as additional director. Patel served as the 24th governor of the Reserve Bank of India from September 2016 to December 2018. Some of the ICS/IAS persons who became Governor of the RBI occupied remarkable positions. 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